Orders of the Day — Industry

Part of the debate – in the House of Commons at 12:00 am on 20th November 1975.

Alert me about debates like this

Photo of Mr Eric Heffer Mr Eric Heffer , Liverpool, Walton 12:00 am, 20th November 1975

What the hon. Gentleman is saying—and it is absolutely right—is that in our type of capitalist society, unless profits are made, there is no investment. Profitability is the essence of the existing capitalist system. Does the hon. Gentleman agree that it is precisely because of the growth of machinery in our type of society that there has been a fall in profitability? [HON. MEMBERS: "Rubbish."] Tory Members may not agree, but the fact is that the growth of technology and machinery, which has led to a decrease in labour, has meant a fall in profitability. Is the hon. Gentleman aware that the answer to this problem is one which we have been arguing for some time on the Labour Benches, namely, a planned economy with planned investment and the extension of public ownership?